The State of Real Estate in Jefferson Park

Jefferson_Park

 Jefferson Park Neighborhood Association is sponsoring a forum called ” The State of Real Estate in Jefferson Park”.

As a participant in the forum, I have prepared a review of the Real Estate Market for both Single Family Homes and Attached Homes which is primarily the condo and townhouse market.

In doing the analysis I decided it would be best to go back to 2008 and then look forward to the current real estate market in 2010. 

 Jefferson Park Single Family and Attached Home Sales Data:

As the data indicates there were very few Short Sales and no Foreclosures in Jefferson Park in 2008.

In 2009 the Real Estate Market began to change and Jefferson Park was not immune to these changes.  

The number of Short Sales doubled from 7 in 2008 to 15 in 2009. The number of Foreclosures also jumped from 0 in 2008 to 20 in 2009.

While both these numbers are low in comparison to the total number of property being sold they do represent a shift in attitude to buyers. Between 27-30% of all sales in 2009 were distressed properties.

Finally in the first 7 months of 2010, the percentage of distressed sales increased to 37% for Single Family homes and 55% for all Attached Family homes.

One of the more postive signs in Jefferson Park is home values. Home values appear to be stabilizing. The average price of a home is $264,321 in 2010 compared to $270,378 in 2009. This is a modest decline of only 2%.

Attached home prices on the other hand are not doing as well. Over the past two years, the average Attached home prices has dropped from a high of $219.428 in 2008 to $152,149. This represents 14-19% drop in price each year from 2008-2010.

Jefferson Park Residential Sales Data from 2008 thru 2010:

The following data comes from the MLS. The author of this report makes no representation to the accuracy of the data provided by the MLS.

Property Type Year Total Sales Short Sales Foreclosures % of Total Sales Market Time Avg Sale Price % +/ –
SF 2008 101 7 0 7% 178 $323,300 DNA
Attached 2008 38 1 0 3% 154 $219,428 DNA

 

Property Type Year Total Sales Short Sales Foreclosures % of Total Sales Market Time Avg Sale Price % +/ –
SF 2009 131 15 20 27% 155  $270,278 -16%
Attached 2009 27 5 3 30% 205 $187,898 -14%

 

Property Type Year Total Sales Short Sales Foreclosures % of Total Sales Market Time Avg Sale Price % +/ –
SF 2010 73 11 16 37 107 $264,321 -2%
Attached 2010 20 2 9 55% 189 $152,149 -19%

 Jefferson Park Real Estate For Sale

Currently there are 130 single family homes and 74 attached homes for sale in Jefferson Park.

The real estate market is a buyers market in Jefferson Park.

The average market time is 217 for Single Family Homes and 282 days for Attached homes.

The average List price of a Single Family home is $313,000 and $180,907 for Attached homes.

The number of Shorts Sales represents 15-19% of all active listings for sale.

 

Jefferson Park Real Estate For Sale: Active Listings

The following data comes from the MLS. The author of this report makes no representation to the accuracy of the data provided by the MLS.

Property Type Year Total Active Short Sales Foreclosures % of Total for Sale Market Time Avg List Price
SF 2010 130 24 1 19% 217 $313,000
Attached 2010 74 11 0 15% 282 $180,907

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